Personal Finance

Please share your Unsecured Line of Credit interest rates and lenders

  • Last Updated:
  • Oct 24th, 2018 3:15 pm
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Deal Addict
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Apr 16, 2009
1207 posts
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Vancouver
Kestral wrote:
Apr 3rd, 2018 8:06 am
Well that was a nothing burger. How about people with actual LOC rates?
35k with TD, P + 1.99
Deal Addict
Jan 15, 2009
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Just north.
Kestral wrote:
Apr 3rd, 2018 8:06 am
Well that was a nothing burger. How about people with actual LOC rates?
It's not a nothing burger, I do have an ACTUAL LOC and ACTUAL rate.

AT PRIME + 0%
Sr. Member
Sep 19, 2012
528 posts
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Calgary
guyver0 wrote:
Apr 4th, 2018 10:09 am
I do have an ACTUAL LOC and ACTUAL rate. AT PRIME + 0%
You said “operating line” - is it related to your medical practice?
Deal Addict
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Apr 16, 2009
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guyver0 wrote:
Apr 4th, 2018 10:09 am
It's not a nothing burger, I do have an ACTUAL LOC and ACTUAL rate.

AT PRIME + 0%
I think he means ones that are accessible by the general populous. Not ones that require a fancy shmancy medical degree backing it :).
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Jan 15, 2009
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ahlaker wrote:
Apr 4th, 2018 11:15 am
You said “operating line” - is it related to your medical practice?
It's actually 2 LOC, one is 65K for my business, and one 25K for my personal. It's a revolving LOC so I can take out/put in money whenever I want. I'm paying $25 and $20 a month for these accounts.
Newbie
Jan 9, 2018
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10K from rbc at prime 3.45 percent...plus they offered to increase my cc limit and overdraft limit......credit score around 750
Newbie
Mar 27, 2007
1 posts
North Vancouver
It's not about a fancy schmancy medical degree, it's about your credit rating, your security, and the book of business you do with the bank - Prime + 0.5 here at CIBC
Member
Mar 30, 2009
372 posts
52 upvotes
Toronto
poppy1337 wrote:
Mar 21st, 2018 2:41 pm
Do you know why you got that rate?
If I were to guess, given that I also get these offers somewhat frequently, that's just a thing they do to try to get you to draw down on the line. I have an unsecured LOC with TD, and they keep sending me offers for low rates for FRAOs (which require to to actually take out money to lock in at said low rates), presumably to try to get me to use it so they can start collecting interest. I imagine these offers are far less common for people who actually have high utilization on their lines.
Deal Expert
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Jul 30, 2007
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td sent me an offer for 3.99% for 1 year term (unsecured)
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Jan 27, 2004
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T.O. Lotto Captain
I got PRime + 1.25 from BMO... But thats cheating b/c I work there... hehe. But I think I told you guys that already.

buttttt I applied @ meridian C.U. I got $10k @ 6.85% interest. My credit score is in the high 600's low 700's.
Oh... and last time I was there they gave me a glass of water and a cookie it was really nice of them .
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Mar 16, 2011
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Corvillus wrote:
May 17th, 2018 11:16 pm
If I were to guess, given that I also get these offers somewhat frequently, that's just a thing they do to try to get you to draw down on the line. I have an unsecured LOC with TD, and they keep sending me offers for low rates for FRAOs (which require to to actually take out money to lock in at said low rates), presumably to try to get me to use it so they can start collecting interest. I imagine these offers are far less common for people who actually have high utilization on their lines.
same here. I had a balance for over a year and a half and paid it off. Within 3 months, the FRAO offers started to come. I put my car loan on there and am about to pay it off early but they don't make it easy to pay FRAO portions. You have to go into the branch to make payments on a FRAO basically. It's a pain.
Newbie
Jun 22, 2015
14 posts
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Kitchener
I have a uLOC with TD for $18k (not currently in use). The rate changed last May from prime + 2% to prime + 5%. Last week over the phone, I requested a change back to the old rate but that was rejected by TD. Any thoughts/tips on negotiating a lower rate with TD or going elsewhere? My credit score is 821.
Sr. Member
Dec 4, 2016
880 posts
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I used to have one with TD. 19.5% unsecured LOC. Closed it after a while. Saw no need for it. Never tried to get a better one.
Sr. Member
Feb 26, 2017
776 posts
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ashiwpershad wrote:
May 22nd, 2018 7:40 pm
I have a uLOC with TD for $18k (not currently in use). The rate changed last May from prime + 2% to prime + 5%. Last week over the phone, I requested a change back to the old rate but that was rejected by TD. Any thoughts/tips on negotiating a lower rate with TD or going elsewhere? My credit score is 821.
I went into the branch and spoke with the Branch Manager after they raised mine form prime +2% to + 3.5%. I didn't give him a hard time but just brought up that I had a mortgage renewing in a year and highlighted my investments with TD. I got an email a couple days later that my LOC would stay at P + 2%.
Newbie
Jul 11, 2017
2 posts
I am a health care proff. Annual $100k income. Awsm credit score. Planning to shop ULOC. Banking with CIBC. Probably higher amount ~ $75-100k
Looking for prime + .5 or .75 %. Heared about National bank, gives at prime only under health prof category. Any inputs / suggestion??
Thanks guys in advance!

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